If you want to enjoy a stress-free start to life as a new parent and, more importantly, provide your newborn with a safe and secure upbringing, it’s imperative that you go above and beyond to remain on top of your finances. Children aren’t cheap, there’s no denying that, which is why you must make a conscious effort to budget in preparation for your first child.
To find three things you must do to effectively perform this all-important task, be sure to read on.
Actually commit to budgeting
It’s all good and well saying you’re going to budget in preparation for your first child, but actually committing to this challenge is another thing entirely. If you’re serious about freeing up your finances before your little bundle of joy bursts onto the scene, you cannot merely talk about budgeting… you have to do it!
Most of the time, actually getting started with this endeavour is the hardest task that you will face. To overcome this hurdle in a highly efficient and effective fashion, you must:
- Automate the way in which you track your spending and save money
- Take full advantage of dedicated budgeting apps
- Get to grips with your necessary monthly expenses (mortgage demands, utility costs, insurance premiums, loan repayments, desired saving requirements, etc.)
- Find ways to lower the cost of decorating and child-proofing your house
Crunch some numbers
If you want to hit the ground running as a financially sound parent, you must take some time to crunch some numbers before your due date. This will help you to get to grips with the general expense of parenthood, which in turn will aid you in your bid to prepare for the financial difficulties that you will be liable to face going forward. With this crucial information at hand, you will then be much more likely to keep your fiscal head above water during the initial stages of your child’s development.
Quite simply, taking control of your finances is one of the most important tasks that you face as your due date edges closer. For advice on what you must do to achieve this crucial feat, be sure to head on over to The Balance (once you’ve finished reading this article, of course!).
Take advantage of monetary support
Do you want to fortify your financial foundations before your baby arrives? If so, it’s imperative that you take advantage of monetary support as and when it is offered to you. As stated in the ‘Finance in Maternity’ section of this article on the GrowingPower blog, you can claim a grant of £500 through the Sure Start initiative. Here is the criteria that you must meet to be granted this assistance:
- You must be giving birth to your first child;
- OR you already have children BUT you are giving birth to twins, triplets, quadruplets or more AND you or your partner receive state benefits.
If you want to steady your ship and remain financially afloat when your first baby arrives, be sure to heed the budgeting advice laid out above.